The German government will do most of the work this year to prepare its power market for greater reliance on renewable supplies by the end of the decade, Economy Minister Robert Habeck announced on Monday.

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Soaring energy prices will lead to drastic long-term consequences on the continent, Alexander De Croo told the Financial Times Europe could soon face a significant reduction in industrial activity and social unrest unless something is done to lower energy prices before winter sets in, Belgian Prime Minister Alexander De Croo has warned.